03-3526. Element Re Capital Products, Inc.; Notice of Issuance of Order

February 6, 2003.

Element Re Capital Products, Inc. (Element Re) filed an application requesting authority to transact at market-based rates, along with the accompanying tariff. The proposed market-based rate tariff provides for sales of capacity and energy at market-based rates. Element Re also requested waiver of various Commission regulations. In particular, Element Re requested that the Commission grant blanket approval under 18 CFR part 34 of all future issuances of securities and assumptions of liability by Element Re.

On November 19, 2002, pursuant to delegated authority, the Director, Division of Tariffs and Market Development—South, granted requests for blanket approval under part 34, subject to the following:

Any person desiring to be heard or to protest the blanket approval of issuances of securities or assumptions of liability by Element Re should file a motion to intervene or protest with the Federal Energy Regulatory Commission, 888 First Street, NE., Washington, DC 20426, in accordance with Rules 211 and 214 of the Commission's Rules of Practice and Procedure (18 CFR 385.211 and 385.214).

Notice is hereby given that the deadline for filing motions to intervene or protests, as set forth above, is February 17, 2003.

Absent a request to be heard in opposition by the deadline above, Element Re is authorized to issue securities and assume obligations or liabilities as a guarantor, indorser, surety, or otherwise in respect of any security of another person; provided that such issuance or assumption is for some lawful object within the corporate purposes of Element Re, compatible with the public interest, and is reasonably necessary or appropriate for such purposes.

The Commission reserves the right to require a further showing that neither public nor private interests will be adversely affected by continued approval of Element Re's issuances of securities or assumptions of liability.

Copies of the full text of the Order are available from the Commission's Public Reference Branch, 888 First Street, NE., Washington, DC 20426. The Order may also be viewed on the Commission's Web site at http://www.ferc.gov , using the “FERRIS” link. Enter the docket number excluding the last three digits in the docket number filed to access the document. Comments, protests, and interventions may be filed electronically via the internet in lieu of paper. See 18 CFR 385.2001(a)(1)(iii) and the instructions on the Commission's Web site under the “e-Filing” link. The Commission strongly encourages electronic filings.

Magalie R. Salas,

Secretary.